Samsung SDS, the IT subsidiary of electronics company Samsung has launched Nexledger, a blockchain platform for enterprises and business, alongside blockchain-based biometric ID and payment services last Thursday.

Nexledger is a business-to-business blockchain platform developed for enterprises and corporations. As Samsung SDS said, the platform can be used beyond the financial sector.

The aim is to appeal to companies looking for cost-efficient method of managing digital financial transactions and data exchange, as the Korea Herald (koreaherald.com) pointed out.

“In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology.”, said Song Kwang-woo, vice president of finance consulting and distributed ledger technology at Samsung SDS, in a press conference.

Samsung SDS has simultaneously announced the release of other services running on the blockchain. More specifically, these are a digital identification service and a digital payment service, according to the Korea Herald.

“We believe blockchain technology will have the greatest impact among businesses that involve a large number of data exchanges.”, Song added, while speaking to the Korea Herald.

Samsung SDS started exploring blockchain technology in 2015, when they launched its own distributed ledger division, wrote cryptocoinnews.com. In mid-2016, the company invested in Korean blockchain start-up Blocko.

Samsung SDS and Blocko have already built a membership authentication service based on its blockchain ID platform. Their plans for the near future include the launch of a “blockchain digital swap system” for Samsung Card members.